Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$987/mo
Lowest payment- Down payment
- $84,476
- Funds due
- $93,170
- Interest + MI left
- $57,870
- First ends
- Jul 2051
Assumption
Assumption + second
$1,478/mo
+$491/mo- Down payment
- $23,476
- Funds due
- $33,450
- Interest + MI left
- $173,565
- First ends
- Jul 2051
New loan
New conventional
$1,753/mo
+$765/mo- Down payment
- $23,476
- Funds due
- $30,499
- Interest + MI left
- $305,504
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,524 | $140,524 | $201,524 |
| Second mortgage | — | $61,000 | — |
| First P&I | $670.25 | $670.25 | $1,395.31 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $40.30 |
| Taxes, insurance & HOA | $316.92 | $316.92 | $316.92 |
| Total housing payment | $987.17 | $1,477.99 | $1,752.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,476
Closing costs & prepaids$9,974
Usable credit−$0
Total buyer cash needed$33,450
Earnest money paid−$0
Remaining funds due$33,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$702.62
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$500.75
Prepaid interest, first (2 days)$22.87
Prepaid interest, second (2 days)$30.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 8 moOf the original 30-year loan at 2.970%
Interest already paid$23,832Through Nov 2026
Assumption only · ends Jul 2051$57,870
Assumption + second · ends Jul 2051, second Dec 2056$173,565
New conventional · ends Dec 2056$305,504